Megaworld profit grows 11 % to PHP6.69B in H1 ’17

Megaworld (PNA Photo)

MANILA, Aug. 10 — Profit of Megaworld Corp. rose to PHP6.69 billion in the first six months , up 11 percent from  PHP6.03-billion in the same period in 2016.

Megaworld disclosed to the Philippine Stock Exchange Thursday that its rental income grew 20 percent to PHP5.83 billion in first half  this year from PHP4.84 billion in the same period the previous year.

“Megaworld remains to be the largest office developer and lessor in the country. We are well-positioned to retain this leadership as we are on-track to surpass the one-million square meter mark in office space inventory alone by the end of this year,” said Megaworld senior vice president and treasurer Francis Canuto.

The company’s revenues from residential development reached PHP16.77 billion in H1 2017.

Moreover, profit from its hotel business also increased double-digit by 10 percent to PHP648 million in H1 2017 from PHP590 million in H1 2016.

“On the long term, we see our hotel operations to be a major contributor to our growth as we continue accelerate our hotel developments to support the country’s tourism industry,” Canuto said.

“For Megaworld Group alone, we hope to complete an additional 3,500 rooms in our hotel portfolio in the next five years,” he added.

The executive noted that the company sees to sustain its double-digit growth across its businesses until end-2017. (PNA)